Purchasing a home often involves a deposit, in addition to closing prices. Normally, a home buyer has confidence in his ability to generate mortgage payments, but getting past the payoff table is often the biggest hurdle. Most states bill documentary stamps or transfer taxes, recording and filing fees when property is sold or transferred. As regular closing costs, the sellers and buyers pay these fees at settlement. You ability to negotiate might help you avoid paying documentary stamps.
Find a house that you want to purchase. Get in touch with a real estate agent or the seller to view the house. Develop some connection with the seller or real estate agent to ascertain whether an offer that needs help with closing prices is amicable.
Submit a revenue contract. Present an offer that needs the seller to cover your part of the documentary stamps. In most states it is customary for buyers and sellers split the transfer costs; however, you will avoid paying documentary stamps if the sales contract demands payment for the buyer’s documentary stamps from the seller.
Attend the settlement for your home purchase. You will need to read and sign closure forms, in addition to provide a certified check for any settlement prices that you’re responsible for paying. Observe the HUD-1 settlement form to confirm that prices for documentary stamps are seller paid.